Construction Agreement

EXHIBIT 10.1.18


THE AMERICAN INSTITUTE OF ARCHITECTS - -------------------------------------------------------------------------------
AIA DOCUMENT A117-1987
ABBREVIATED FORM OF AGREEMENT BETWEEN
OWNER AND CONTRACTOR
for
CONSTRUCTION PROJECTS OF LIMITED SCOPE
where the basis of payment is the
COST OF THE WORK PLUS A FEE
with or without a Guaranteed Maximum Price


1987 EDITION


THIS DOCUMENT HAS IMPORTANT LEGAL CONSEQUENCES; CONSULTATION WITH AN
ATTORNEY IS ENCOURAGED WITH RESPECT TO ITS COMPLETION OR MODIFICATION.


This document includes abbreviated General Conditions and should not be used
with other General Conditions. It has been approved and endorsed by
The Associated General Contractors of America.


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AGREEMENT


made as of the 28th day of March in the year Two Thousand and Three. This contract is being entered into in accordance with the Resolution of the Board of Directors of Roberts Realty Investors, Inc., dated March 20, 2001. At said meeting of the Board of Directors, the Directors specifically authorized by a 6-0 unanimous vote for Roberts Realty Investors, Inc. to retain Roberts Properties Construction, Inc. to construct the 220-unit Northridge Pointe Apartment Community for its costs plus 10% in accordance with this contract:


BETWEEN the Owner: Roberts Properties Residential, L.P.
8010 Roswell Road, Suite 120
Atlanta, Georgia 30350


and the Contractor: Roberts Properties Construction, Inc.
8010 Roswell Road, Suite 120
Atlanta, Georgia 30350


The Project is: Northridge Pointe Apartments
450 Northridge Parkway
Atlanta, Georgia 30350


The Architect is: Smallwood, Reynolds, Stewart, Stewart & Associates, Inc.
One Piedmont Center, Suite 303
3565 Piedmont Road
Atlanta, GA 30305


Or any other Architect selected by the Owner.


The Owner and Contractor agree as set forth below.


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AIA DOCUMENT A117 - ABBREVIATED COST-PLUS OWNER-CONTRACTOR AGREEMENT -
SECOND EDITION - AIA(R) (C)1987 - THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE, N.W.,
WASHINGTON, D.C. 20006


A117-1987 1


ARTICLE 1
THE WORK OF THIS CONTRACT


1.1 The Contractor shall execute the entire Work described in the Contract Documents, except to the extent specifically indicated in the Contract Documents to be the responsibility of others, or as follows:


All site clearing, grading, utilities, paving, curb and gutters, landscaping, etc. associated with the construction of a total of 220 one or two bedroom apartment units, a swimming pool, maintenance/carwash building and trash compactor. The property consists of 10.93 acres of land located on Northridge Parkway in Land Lots 25 and 26 of the 17th District and Land Lots 385 and 386 of the 18th District of Fulton County, Georgia. The Project is to be constructed in accordance with the Plans & Specifications to be prepared by Smallwood, Reynolds, Stewart, Stewart & Associates, Inc. or another Architect selected by the Owner.


Any adverse soil conditions that may be encountered are included in this Cost plus Contract; any costs associated with those conditions shall be borne by the Owner.


ARTICLE 2
RELATIONSHIP OF THE PARTIES


2.1 The Contractor accepts the relationship of trust and confidence established by this Agreement and covenants with the Owner to cooperate with the Architect and utilize the Contractor's best skill and judgment in furthering the interests of the Owner; to furnish efficient business administration and supervision; to make best efforts to furnish at all times an adequate supply of workers and materials; and to perform the Work in the best way and most expeditious and economical manner consistent with the interests of the Owner. The Owner agrees to exercise best efforts to enable the Contractor to perform the Work in the best way and most expeditious manner by furnishing and approving in a timely way information required by the Contractor and making payments to the Contractor in accordance with the requirements of the Contract Documents.


ARTICLE 3
DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION


3.1 The date of commencement is the date from which the Contract Time of Paragraph 3.2 is measured, and shall be the date of this Agreement, as first written above, unless a different date is stated below or provision is made for the date to be fixed in a notice to proceed issued by the Owner.


The Date of Commencement shall be a later date ag ...